February 13, 2020 / 3:01 PM / in 2 months

EXCLUSIVE-Providence launches $2.7 bln sale of education firm Galileo - sources

LONDON, Feb 13 (Reuters) - The private equity owner of one of Europe’s largest private education groups, Galileo Global Education, has put the business up for the sale in a deal worth about 2.5 billion euros ($2.72 billion), three sources told Reuters.

U.S. buyout fund Providence has hired Goldman Sachs and Rothschild to find a new owner for the Paris-based firm, the sources said, speaking on condition of anonymity.

Buyout funds KKR, EQT, CVC Capital Partners and BC Partners have expressed interest in making an offer, the sources said.

The sale has also drawn attention from European family offices including France’s Wendel Group and Belgium’s Groupe Bruxelles Lambert (GBL) which are linked to the Wendel and Lambert families, respectively, two of the sources said.

Wendel is teaming up with Singapore’s sovereign wealth fund GIC as part of a consortium, they added.

French private equity group Ardian has contacted Abu Dhabi Investment Authority (ADIA) for a joint bid while Canadian investors CPPIB and CDPQ are both studying the dossier and looking to enter the race, the sources said.

Representatives at Providence, CVC, EQT, BC Partners, CPPIB, CDPQ, Wendel, ADIA and GBL declined to comment while KKR, Ardian and GIC were not immediately available.

$1 = 0.9189 euros Reporting By Pamela Barbaglia. Editing by Jane Merriman

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